Psoriatic Arthritis Treatment Market

Psoriatic Arthritis Treatment Market Size (2023 to 2028) 

The psoriatic arthritis treatment market size was valued at USD 10.44 billion in 2023 and is expected to reach USD 16.45 billion by 2028. The market size is projected to grow at a CAGR of 9.34 % during the forecast period.

Psoriasis is a skin disorder that commonly affects the scalp, trunk, knees, and elbows. It causes a rash that has scaly, itchy patches. Arthritis symptoms include swelling and pain in one or more joints. The basic symptoms of arthritis are stiffness and pain in the joints, which frequently worsen as people age. Psoriatic arthritis is a type of arthritis that can occur in some people with psoriasis. Most people develop psoriasis years before being given a psoriatic arthritis diagnosis. However, for some patients, joint problems begin either concurrently with or before the onset of skin patches. Joint pain, stiffness, and edema are the main psoriatic arthritis symptoms and signs. They can affect any part of your body, including your fingertips and spine, and range in severity from slight to severe. Both psoriasis and psoriatic arthritis can have flare-ups and remissions of the disease. Psoriatic arthritis deteriorates over time. Psoriatic arthritis happens when the body's immune system attacks healthy cells and tissue. Excessive development of skin cells and joint inflammation are the outcomes of the immunological reaction. Physical harm or environmental causes like a viral or bacterial infection may result in psoriatic arthritis in people with an inherited tendency.

MARKET DRIVERS:

The increase in the prevalence of patients suffering from psoriatic arthritis drives market growth. The increase in psoriatic arthritis is mostly due to heredity and environmental factors. It is due to immune system issues, infection, obesity, and physical trauma. The high incidence of obesity is often distinguished by an excessive buildup of fat, which results in health problems. The World Health Organisation estimates that more than 1.9 billion persons aged 18 and older were overweight in 2016.

The increase in research and development regarding the treatment for psoriatic arthritis. The advancement in healthcare infrastructure helps to boost the market growth The main market players are concentrating on acquiring regulatory authority approvals. For instance, Guselkumab (Tremfya), the newest biologic medication licensed to treat psoriatic arthritis, will be available in 2020. The immune system protein IL-23 is the first biologic to be targeted by it. Risankizumab (Skyrizi), a different IL-23 medication, is already authorized to treat psoriasis and psoriatic arthritis. Market growth is also being aided by regulatory bodies approving new medications, such as AbbVie's SKYRIZI (risankizumab-rzaa), an interleukin-23 (IL-23) inhibitor for treating adults with active psoriatic arthritis. The market for psoriatic arthritis is expanding at a faster rate due to rising medication approvals for various disorders. The creation of newer medications for oral administration and other new therapeutic approaches is anticipated to fuel market expansion. These are the factors that drive the psoriatic arthritis treatment market.

The increase in incidences of psoriatic arthritis helps to boost the market in the forecasting period. Additionally, the number of elderly people is rising, and a stressful lifestyle might result in psoriatic arthritis. Millions of people in the United States and throughout the world suffer from psoriasis and psoriatic arthritis, according to the National Psoriasis Foundation. More than 8 million Americans, according to the most recent studies, have psoriasis. 2 to 3 percent of the world's population, or 125 million people, are estimated to have psoriasis, according to the World Psoriasis Day effort. The market will grow throughout the projection period due to the increased development of novel medicines. According to the most recent analysis, more than 3/4 of the market's overall value is accounted for by demand for DMARDs.

MARKET RESTRAINTS:

The rising use of biological drugs and the success of these drugs in treating psoriatic arthritis. Despite the treatment's success, the expensive cost is a barrier to market expansion. The lower- and middle-income populations in emerging nations cannot afford the treatment. The penetration of these products is threatened by subpar reimbursement practices. The vast availability of alternative psoriatic arthritis treatments limits market expansion. These are the constraints limiting the market for treatments for psoriatic arthritis.

Impact of COVID-19 on the psoriatic arthritis treatment Market:

Numerous healthcare facilities are greatly impacted by Covid-19. Covid-19 had a negligible impact on the Psoriatic Arthritis Treatment Market. The treatment of individuals who require ongoing interaction with medical facilities has changed as a result of the COVID-19 epidemic. Psoriatic arthritis patients are using telehealth services and online pharmacy options more frequently to have their medications delivered to their homes. Furthermore, heart problems, diabetes, anxiety, stress, and other psychological illnesses are co-morbidities that are present in psoriatic individuals. The current emphasis of the research is to prevent individuals with psoriatic arthritis from taking immunosuppressive drugs during the COVID-19 pandemic. The COVID-19 pandemic had no impact on the sales of psoriatic arthritis medications. Despite the lockdown making dermatologists unavailable, telehealth options offered by healthcare facilities are helping to support people with psoriatic arthritis.

REPORT COVERAGE:

This research report on the psoriatic arthritis treatment market has been segmented and sub-segmented based on the diagnosis type, route of drug administration, end user and region.

Psoriatic Arthritis Treatment Market – By Diagnosis Type:

• Non-steroidal Anti-inflammatory Drugs (NSAIDs)
• Disease-modifying Antirheumatic Drugs (DMARDs)
• Biologics
• Others

Among these, Non-steroidal Anti-inflammatory Drugs dominate the market. The non-steroidal Anti-inflammatory Drugs segment is anticipated to dominate the psoriatic arthritis treatment market over the forecasting period. This is due to an increase in the prevalence of psoriatic arthritis. It is anticipated that the DMARDs and biologics segment will expand significantly. A research-driven understanding of the pathophysiology of the condition is driving the development of novel medicines on the market for treating psoriatic arthritis. This encourages new approaches from industry participants and fosters the growth of the market for psoriatic arthritis treatments.

Psoriatic Arthritis Treatment Market – By Route of Administration:

• Oral
• Parenteral
• Topical

Among these, the Parenteral segment dominates the market. The parenteral segment is expected to dominate the market over the forecasting period. This is due to an increase in research and development and increased treatments related to treating psoriatic arthritis. Additionally, the rise in healthcare expenditure and favorable reimbursement policies boost segmental growth.

Psoriatic Arthritis Treatment Market – By End User:

• Hospital Pharmacy
• Retail Pharmacy
• Online Pharmacy

Among these, the hospital pharmacy segment dominates the market. The hospital segment is expected to dominate the market over the forecasting period. This is due to patients preferring hospitals to seek treatment for psoriatic arthritis. Hospitals are preferred because they provide more systematic therapies and ease the management of critical conditions. Additionally, the availability of skilled professionals helps to boost segmental growth. The online pharmacy segment is expected to show healthy CAGR growth during the forecasting period. This is due to the easy use of internet access and customer convenience.

Psoriatic Arthritis Treatment Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Regionally, North America dominates the Psoriatic Arthritis Treatment Market. The North American region is expected to show its dominance over the forecasting period. This is due to an increase in the number of drug approvals to treat the disease by the regulatory authorities. Additionally, the increase in incidences of patients with psoriatic arthritis drives regional growth. The increase in research and development to manufacture a drug to treat the disease helps to drive market growth. The increase in key market players in this region boosts market growth.

The European region is expected to show significant market growth over the forecasting period. This is due to the increase in the prevalence of psoriatic arthritis and to treat this disease, the demand is increasing. Additionally, many pharmaceutical companies plan to launch novel treatment alternatives in the UK. For instance, in January 2022, the National Institute for Health and Care Excellence (NICE) of the UK approved Rinvoq (upadacitinib) 15mg as a state-of-the-art substitute for treating adult patients with active psoriatic arthritis. It may be given either alone or in combination with methotrexate to these patients. As a result, the market in the UK is anticipated to expand more quickly as a result of the ongoing development and approval of new drugs to treat the additional side effects of psoriatic arthritis, such as bone pain.

The Asia Pacific region is expected to show the fastest growth over the forecasting period. This is due to an increase in R&D activities in emerging countries. The increase in awareness regarding the treatment for psoriatic arthritis boosts regional growth. The usage of biosimilars in emerging markets, such as China, India, and South Korea, is a key driving factor for market growth. The increase in the prevalence of obesity also drives the market growth. For instance, the China State Council had previously stated more than 50% of adults in the country are overweight. The risk of psoriatic arthritis is higher in obese people, hence increasing the demand for treatment, leading to market growth.

KEY MARKET PLAYERS:

Some market players in the Psoriatic Arthritis Treatment Market are AbbVie, Pfizer, Johnson and Johnson, Sanofi S. A., Celgene Corporation, Amgen, Eli, Lily and Co., Novartis Ag, AstraZeneca, UCB S.A.

RECENT MARKET HAPPENINGS:

• In Sept 2022, New Late-Breaking Results from Phase 3 Trials of SKYRIZI® (risankizumab) Evaluating Long-term Effects on Skin and Joint Symptoms in Patients with Psoriatic Arthritis at Week 100.
• In Sept 2022, the U.S. Food and Drug Administration approved Sotyktu™ (deucravacitinib), an Oral Treatment for Adults with Moderate-to-Severe Plaque Psoriasis.